1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kiruha [24]
3 years ago
15

Equipment was acquired on January 1, 2021, for $33,000 with an estimated four-year life and $2,000 residual value. The company u

ses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $10,600.
Business
1 answer:
Lostsunrise [7]3 years ago
4 0

Answer:

Gain= $850

Explanation:

Giving the following information:

Purchase price= $33,000

Useful life= 4 years

Residual value= $2,000

Sale= $10,600.

<u>First, we need to calculate the annual depreciation:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (33,000 - 2,000)/4= $7,750

<u>Now, we can calculate the accumulated depreciation:</u>

Accumulated depreciation= 7,750*3= $23,250

<u>To calculate the gain or loss, we need to use the following formula:</u>

Gain/loss= selling price - book value

Book value= purchase price - accumulated depreciation

Book value= 33,000 - 23,250= $9,750

Gain/loss= 10,600 - 9,750

Gain= $850

You might be interested in
Jenny, owner of an ice cream parlor, has been experimenting with different flavors to create a new exotic ice cream for her cust
Alecsey [184]

Answer:

Lol this is easy

Explanation:

B C Or D

its C

4 0
3 years ago
Pharoah Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. Duri
never [62]

Answer and Explanation:

The Journal entry is shown below:-

On  November 2022

Cash Dr, $193,200            (6,900 × $28)

               To Unearned Subscription Revenue $193,200

(Being the receipt of the subscriptions is recorded)

Therefore to record the receipt of the subscriptions we simply debited the cash as it increased the assets and we credited the unearned subscription revenues as increased the liability so that the correct posting could be done

3 0
3 years ago
Net requirements for component J are as follows: 60 units in week 2, 40 units in week 3, and 60 units in week 5. If a fixed-peri
agasfer [191]

Answer:

e. none of the choices.

Explanation:

Based on the scenario being described within the question it can be said that  none of the choices are correct because this method focuses on obtaining an order quantity by fixing the quantity for a certain period of time, and calculating the total quantity of Net Requirements within the period. Therefore since the first week and week 4 are missing then none of these are correct, and since the information is not provided by choice answer d. is wrong too.

3 0
3 years ago
Jenna Parker owns and manages her single member LLC which provides a wide variety of financial services to her clients. She is m
Julli [10]

Answer:

Option ( b ) $57,000

Explanation:

Data provided in the question:

Net income = $300,000

W-2 wages = $120,000

Assets with unadjusted basis = $75,000

Taxable income before the QBI deduction = $285,000

Now,

The QBI deduction for 2019 will be given as 20% of the qualified income i.e the taxable income before the QBI deduction

Therefore,

The QBI deduction for 2019 = 20% of $285,000

= 0.20 × $285,000

= $57,000

Hence,

Option ( b ) $57,000

5 0
2 years ago
Which of these is most likely a short-term goal for a high school freshman? A. Buy a house B. Retire comfortably C. Graduate fro
SVETLANKA909090 [29]

Answer:

D. Attend this afternoon's meeting

Explanation:

So Many high school freshman have a goal just to become familiar with their new setting.

3 0
3 years ago
Other questions:
  • In a _______ organization lower-level managers are empowered to make decisions which can ________ motivation and job satisfactio
    15·1 answer
  • If you want to start a fire using sunlight, which kind of mirror would be most efficient
    12·1 answer
  • Buying used cars is a good way to avoid depreciation. <br> a. True <br> b. False
    14·1 answer
  • Real estate brokers and their salespersons facilitate __________ by promoting the sale/lease of property, providing information
    13·1 answer
  • Venture capital (VC) firms are pools of private capital that typically invest in small, fast-growing companies that can't raise
    15·1 answer
  • Since 1900, real GDP in the United States has grown_________.
    7·1 answer
  • Assume the indirect method is used to compute cash flows from operations. For each item listed below, indicate the effect on net
    14·1 answer
  • When revising a budget, it is important to make choices that allow you to continue<br> money.
    10·1 answer
  • Show Me How On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common s
    5·1 answer
  • On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34,
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!